FLSW vs. FXF
FLSW (Franklin FTSE Switzerland ETF) and FXF (Invesco CurrencyShares® Swiss Franc Trust) are both exchange-traded funds - FLSW is a Europe Equities fund tracking the FTSE Switzerland RIC Capped Index, while FXF is a Currency fund tracking the Swiss Franc. Both are passively managed. Over the past 5 years, FLSW returned 6.80%/yr vs 2.01%/yr for FXF. At a 0.43 correlation, their price movements are largely independent. FLSW charges 0.09%/yr vs 0.40%/yr for FXF.
Performance
FLSW vs. FXF - Performance Comparison
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Returns By Period
In the year-to-date period, FLSW achieves a 1.77% return, which is significantly higher than FXF's -0.20% return.
FLSW
- 1D
- -1.60%
- 1M
- 1.15%
- YTD
- 1.77%
- 6M
- 5.12%
- 1Y
- 13.32%
- 3Y*
- 11.58%
- 5Y*
- 6.80%
- 10Y*
- —
FXF
- 1D
- -0.62%
- 1M
- -1.07%
- YTD
- -0.20%
- 6M
- 0.70%
- 1Y
- 3.46%
- 3Y*
- 4.38%
- 5Y*
- 2.01%
- 10Y*
- 1.25%
FLSW vs. FXF - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | |
|---|---|---|---|---|---|---|---|---|---|
FLSW Franklin FTSE Switzerland ETF | 1.77% | 32.92% | -1.77% | 16.79% | -18.14% | 20.82% | 13.25% | 31.66% | -7.85% |
FXF Invesco CurrencyShares® Swiss Franc Trust | -0.20% | 14.04% | -7.46% | 9.63% | -2.29% | -4.08% | 8.18% | 0.32% | -5.75% |
Correlation
The correlation between FLSW and FXF is 0.57, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.57 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.52 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.55 |
Correlation (All Time) Calculated using the full available price history since Feb 9, 2018 | 0.43 |
The correlation between FLSW and FXF shifts across timeframes, from 0.43 (all time) to 0.57 (1 year), reflecting how their relationship changes across market environments.
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Return for Risk
FLSW vs. FXF — Risk / Return Rank
FLSW
FXF
FLSW vs. FXF - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Franklin FTSE Switzerland ETF (FLSW) and Invesco CurrencyShares® Swiss Franc Trust (FXF). Risk-adjusted metrics are performance indicators that assess an investment's returns in relation to its risk, enabling a more accurate comparison of different investment options.
| FLSW | FXF | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.39 | ||
| Sortino ratioReturn per unit of downside risk | +0.55 | ||
| Omega ratioGain probability vs. loss probability | 1.15 | 1.09 | +0.07 |
| Calmar ratioReturn relative to maximum drawdown | 1.00 | 0.72 | +0.28 |
| Martin ratioReturn relative to average drawdown | 3.24 | 1.62 | +1.63 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| FLSW | FXF | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 0.86 | 0.47 | +0.39 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.44 | 0.24 | +0.19 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | — | 0.17 | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.56 | 0.17 | +0.38 |
Drawdowns
FLSW vs. FXF - Drawdown Comparison
The maximum FLSW drawdown since its inception was -28.16%, smaller than the maximum FXF drawdown of -35.58%. Use the drawdown chart below to compare losses from any high point for FLSW and FXF.
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Drawdown Indicators
| FLSW | FXF | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -28.16% | -35.58% | +7.42% |
Max Drawdown (1Y)Largest decline over 1 year | -13.38% | -4.82% | -8.56% |
Max Drawdown (3Y)Largest decline over 3 years | -13.38% | -8.52% | -4.86% |
Max Drawdown (5Y)Largest decline over 5 years | -28.16% | -13.03% | -15.13% |
Max Drawdown (10Y)Largest decline over 10 years | — | -15.04% | — |
Current DrawdownCurrent decline from peak | -6.34% | -18.53% | +12.19% |
Average DrawdownAverage peak-to-trough decline | -5.96% | -20.84% | +14.88% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 4.11% | 2.15% | +1.96% |
Volatility
FLSW vs. FXF - Volatility Comparison
Franklin FTSE Switzerland ETF (FLSW) has a higher volatility of 5.13% compared to Invesco CurrencyShares® Swiss Franc Trust (FXF) at 1.69%. This indicates that FLSW's price experiences larger fluctuations and is considered to be riskier than FXF based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| FLSW | FXF | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 5.13% | 1.69% | +3.44% |
Volatility (6M)Calculated over the trailing 6-month period | 12.16% | 5.56% | +6.60% |
Volatility (1Y)Calculated over the trailing 1-year period | 15.55% | 7.51% | +8.04% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 15.71% | 8.32% | +7.39% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 16.89% | 7.57% | +9.32% |
FLSW vs. FXF - Expense Ratio Comparison
FLSW has a 0.09% expense ratio, which is lower than FXF's 0.40% expense ratio.
Dividends
FLSW vs. FXF - Dividend Comparison
FLSW's dividend yield for the trailing twelve months is around 2.08%, while FXF has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
FLSW Franklin FTSE Switzerland ETF | 2.08% | 2.12% | 2.04% | 2.36% | 2.02% | 1.86% | 2.28% | 1.15% | 2.86% |
FXF Invesco CurrencyShares® Swiss Franc Trust | 0.00% | 0.00% | 0.03% | 0.02% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
FLSW and FXF have a correlation of 0.57, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
FLSW has higher volatility (5.13%) compared to FXF (1.69%). In terms of maximum drawdown, FLSW dropped -28.16% vs FXF's -35.58%.
On 5-year performance, FLSW leads with 6.80% vs 2.01% for FXF. On fees, FLSW is cheaper at 0.09% per year. On volatility, FXF has been the lower-risk option at 1.69%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 5-year period, FLSW has performed better with a 6.80% return vs 2.01%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
FLSW is cheaper with a 0.09% expense ratio, compared with 0.40% for FXF.
FLSW has the higher dividend yield at 2.08%, compared with 0.00% for FXF.
FLSW is categorized as Europe Equities, while FXF is Currency. FLSW tracks FTSE Switzerland RIC Capped Index, while FXF tracks Swiss Franc. They also come from different issuers: Franklin Templeton and Invesco. Their fees differ too: 0.09% for FLSW and 0.40% for FXF.
FLSW currently has the higher Sharpe Ratio (0.86 vs 0.47), meaning it's delivered slightly more return per unit of risk over the trailing 12 months. However, this ranking shifts over time - use the Risk/Return Score above for a more comprehensive view that combines Sharpe, Sortino, and other measures used by quantitative funds.
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